Barclays has found that 26% of investment scam victims are under the age of 30.
The bank said that the rise in this type of scam coincides with the rising popularity of ‘finfluencers’ – content creators who give advice on financial investments on social media.
It also found that 77% of the scams take place on tech platforms, such as social media sites.
Barclays also pointed out that these scams pose a serious threat to students. Its data revealed that the average amount lost to investment scams by young people is £3,692 ($,€) – almost the same amount that student loans start at in England (£3,698).
Across all ages, investment scams account for 33% of money lost to scams, according to the bank.
It highlighted that one way scammers target people is by impersonating celebrities or public figures on social media, and endorsing fake investment opportunities. Its research found that 30% of Brits have been targeted by impersonation scams.
Ross Martin, head of digital safety at Barclays, said: “Young people earning income early in their careers may want to invest their money, and social media can offer many helpful tips and tricks on how to manage your money.
“However, it’s important to remember that not everyone offering an investment opportunity is genuine, and they could actually be a scammer. That’s why it’s so important to do due diligence before investing your money.”
